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<br />registered owner in writing, the Registrar will authenticate and deliver, in <br />the name of the designated transferee or transferees, one or more new Bonds <br />of a like aggregate principal amount and maturity, as requested by the <br />transferor. The Registrar may, however, close the books for registration of <br />any transfer after the fifteenth day of the month preceding each interest <br />payment date and until such interest payment date. <br /> <br />(c) Exchange of Bonds. When Bonds are surrendered by the <br />registered owner for exchange the Registrar will authenticate and deliver one <br />or more new Bonds of a like aggregate principal amount and maturity, as <br />requested by the registered owner or the owner's attorney in writing. <br /> <br />(d) Cancellation. Bonds surrendered upon any transfer or exchange <br />will be promptly cancelled by the Registrar and thereafter disposed of as <br />directed by the City. <br /> <br />(e) Improper or Unauthorized Transfer. When a Bond is presented <br />to the Registrar for transfer, the Registrar may refuse to transfer the Bond <br />until the Registrar is satisfied that the endorsement on the Bond or separate <br />instrument of transfer is valid and genuine and that the requested transfer <br />is legally authorized. The Registrar will incur no liability for the refusal, in <br />good faith, to make transfers which it, in its judgment, deems improper or <br />unauthorized. <br /> <br />(f) Persons Deemed Owners. The City and the Registrar may treat <br />the person in whose name a Bond is registered in the bond register as the <br />absolute owner of the Bond, whether the Bond is overdue or not, for the <br />purpose of receiving payment of, or on account of, the principal of and <br />interest on the Bond and for all other purposes and payments so made to <br />registered owner or upon the owner's order will be valid and effectual to <br />satisfy and discharge the liability upon such Bond to the extent of the sum or <br />sums so paid. <br /> <br />(g) Taxes, Fees and Charges. For a transfer or exchange of Bonds, <br />the Registrar may impose a charge upon the owner thereof sufficient to <br />reimburse the Registrar for any tax, fee or other governmental charge <br />required to be paid with respect to the transfer or exchange. <br /> <br />(h) Mutilated, Lost, Stolen or Destroyed Bonds. If a Bond becomes <br />mutilated or is destroyed, stolen or lost, the Registrar will deliver a new Bond <br />of like amount, number, maturity date and tenor in exchange and substitution <br />for and upon cancellation of the mutilated Bond or in lieu of and in <br />substitution for a Bond destroyed, stolen or lost, upon the payment of the <br />reasonable expenses and charges of the Registrar in connection therewith; <br />and, in the case of a Bond destroyed, stolen or lost, upon filing with the <br />Registrar of evidence satisfactory to it that the Bond was destroyed, stolen <br />or lost, and of the ownership thereof, and upon furnishing to the Registrar <br />of an appropriate bond or indemnity in form, substance and amount <br />satisfactory to it and as provided by law, in which both the City and the <br />Registrar must be named as obligees. Bonds so surrendered to the Registrar <br />will be cancelled by the Registrar and evidence of such cancellation must be <br />given to the City. If the mutilated, destroyed, stolen or lost Bond has <br />already matured or been called for redemption in accordance with its terms it <br />is not necessary to issue a new Bond prior to payment. <br /> <br />RLD47466 <br />RS200-10 <br /> <br />4 <br />